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25% of Americans Anticipate Bitcoin Will Achieve Its All-Time High of $69,000 This Year, According to a Survey
A recent analysis by CryptoVantage indicated that 23% of individuals in the US anticipate bitcoin reaching its peak price of nearly $70,000 by the conclusion of 2023. Meanwhile, 47% believe this could occur within the next five years.
The majority of those surveyed also feel that the recent surge in global inflation will enhance the appeal of the cryptocurrency sector to investors.
Americans’ Latest Thoughts on Crypto
The poll, which surveyed 1,000 US residents who have previously invested in cryptocurrencies, revealed that 70% expect BTC to rebound to around $70K within the next five years. In contrast, only 8% think the leading digital currency will never reach that price point again.
BTC Future Price, Source: CryptoVantage
The organization responsible for the study emphasized the generally optimistic outlook of respondents regarding bitcoin’s future price, noting that the next BTC halving is scheduled for the spring of 2024.
“Still, the fact that 78% of people in total believe that BTC will eventually set a new ATH is heartening, as is the fact that only 8% believe it will “never” equal or top $69,044. And in terms of what might help the cryptocurrency regain former levels, it should be noted that the next Bitcoin halving is due to take place by the end of April 2024.”
This event occurs every four years and halves the rewards for miners, thereby slowing the rate at which new BTC is produced. It is notable that the price of the leading cryptocurrency has typically increased following previous halvings.
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The respondents were also quite optimistic about Ethereum (ETH), with 46% asserting it has the best potential to surpass bitcoin as the largest crypto asset in the future. Additionally, 20.8% expect Dogecoin (DOGE) to overtake BTC, while 7.8% believe BNB could accomplish that.
At the same time, they voiced concerns that the notorious volatility in the market could adversely affect the prices of digital currencies.
Inflation to Push People Toward Crypto
The majority of survey participants believe that “global financial trends,” including rampant inflation, increasing interest rates, and overall economic growth, could significantly influence the future valuation of cryptocurrencies.
It is important to note that the US Federal Reserve implemented a stringent interest rate hike strategy shortly after the onset of the COVID-19 pandemic. This increase in the benchmark has diminished investor interest in riskier assets, such as digital currencies.
Concerning inflation, 54% of participants think it will generate additional interest in the crypto sector. Argentina and Turkey serve as examples where citizens have turned to this asset class amid severe monetary challenges in their countries.
As reported by CryptoPotato, the high inflation and the depreciation of the Egyptian pound have led some locals to explore alternative investment avenues like cryptocurrencies. The official currency has lost so much value that the price of BTC in EGP recently reached an all-time high on platforms like Binance and Changelly.
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